Comparative Analysis of Real Estate Bubble in China and Japan

摘要

Real estate investment has been growing rapidly and real estate prices rising steadily since the marketization of real estate in China. Many scholars have come to the conclusion that China's real estate industry has the phenomenon of bubble. We can find that there are some similarities between China and Japan and there are also obvious differences between them by contrasting with the development process of real estate bubble in Japan. There are many common features in China and Japan in the aspects of real estate investment, financial support and social speculation psychology; but there is a big difference between China and Japan in terms of interest rate policy, exchange rate policy, land system and national development stage. Therefore, although the governance of China's real estate bubble can draw lessons from Japan, more attention should be given to special national conditions. We should formulate relevant regulatory policies according to the local conditions.